Plusses and minuses of becoming a specialist
Paul Hunt (pictured) is a marketing consultant
At an interesting conference this week, it was mooted that it is becoming much more difficult for brokers to be all things to every potential customer.
Regulation and more complicated criteria from lenders means that specialists may be needed in certain areas going forward.
Undoubtedly, we are already seeing this in buy-to-let, where a combination of regulation and stricter lender requirements means that the complexity increasingly needs dedicated experts to serve clients.
Equity release is another area that already, due to the way the regulation is structured, means that specialists operate in this area.
However, this may not be a good thing, as lending into retirement and releasing equity straddles two camps and so could we be taking a customer down a potential route where another may be more suitable or at least should be considered?
What does this mean from a marketing perspective?
The basics of marketing are that you must be clear to your potential customers what you do and by doing this, you are being implicitly clear what you don’t specialise in. In a more complex advisory environment, trying to be everything to everybody heightens the risk of meddling.
Although I am sure the client will get the most suitable advice, how much more time is that going to take you to get that case through?
Undoubtedly the new technology available will help you, but you have to ask yourself, if you concentrate and specialise in a particular type of client, then you’ll become an expert and be able to manage more clients and write more business.
From a marketing perspective – that just makes perfect sense.